An analyst from Ark Financial has recently revealed that Dogecoin may face a washout, and Bitcoin will be able to fight with gold. In accordance with the recently released article, Yassine Elmandjra, the top crypto analyst believes that Dogecoin is likely to witness a washout from its present high prices.
Crypto Analyst from Ark Financial Shares Belief on Dogecoin and Bitcoin
Despite all the efforts of Elon Musk to turn this meme coin into an actual one, Dogecoin is highly expected to fall from its current high prices.
According to Yassine Elmandjra, Bitcoin and Ethereum are currently leading the crypto market and are the currencies that are used to transfer and preserve wealth.
Elmandjra released a statement in an interview addressing the birth of an entirely new asset class, that read:
“Over a longer-term time horizon, we definitely think this is the beginning phase of what’s going to be the birth of an entirely new asset class that we think will be in the trillions of dollars.”
Last year, the value of the crypto market has already touched $2.5 trillion after explosive growth.
Yassine Elmandjra on Dogecoin Washout and Bitcoin Rivalling Gold
Dogecoin is the prime example of the problems for naysayers as we all are aware of the fact that the cryptocurrency started as a joke in the year 2013 and at present, it has a market capitalization of around $65 billion. Moreover, it has been used to pay for a lunar satellite launch with the rocket firm of Elon Musk, SpaceX.
Yassine Elmandjra also shares a belief that digital currencies have got a lot of potential in the future, and Bitcoin has the potential to reach a 10x gain against gold in the next five years.
Talking further about Ethereum, the analyst mentioned that the asset may present opportunities for trillions of dollars as the second-largest cryptocurrency has managed to reach a market cap of $500 billion.